In the complex world of estate planning and probate, one critical aspect that warrants close attention for married Coloradans is the concept of the elective share or spousal share. This provision, outlined in Colorado’s statutes serves as a safety net for surviving spouses, ensuring they are not left in a precarious financial situation after the death of their partner.
What is the Elective Share in Colorado?
The elective share is a legal provision that allows a surviving spouse to claim a portion of their deceased spouse’s estate, regardless of what is stated in the will or if there is no will at all. It’s designed to prevent situations where a spouse might be disinherited or left with an inadequate portion of the estate. In Colorado, the amount of the elective share is influenced by the duration of the marriage, reflecting the belief that the financial partnership in a marriage grows stronger over time.
Key Provisions of Colorado Statute 15-11-202
Colorado Revised Statutes section 15-11-202 outlines the elective share rights of surviving spouses. The statute specifies that a surviving spouse is entitled to claim an elective share amounting to a percentage of the “augmented estate.” The augmented estate includes not only probate assets but also certain non-probate transfers and other specified assets. The percentage varies depending on the length of the marriage, acknowledging the contributions made by spouses not only through direct financial means but also through indirect support that enables the accumulation of wealth.
How to Claim the Elective Share
To claim the elective share, the surviving spouse must file a written election with the court that is handling the deceased spouse’s estate. This election must be made within a specified time-frame. The default deadline is within nine months of the deceased’s death or six months after the probate of the will, whichever is later. However, there are circumstances under which these deadlines can be extended, such as when a surviving spouse requires additional time to discover the full extent of the deceased spouse’s estate.
Important Deadlines
The timing of the elective share claim is critical. The Colorado statutes enforce strict deadlines for making this election, and missing these deadlines can result in the forfeiture of the right to claim the elective share. Therefore, it’s imperative for surviving spouses to act promptly and seek legal advice to ensure that all procedural requirements are met within the legal time frames.
Why the Elective Share Matters
The elective share serves a vital role in ensuring economic fairness at the death of a spouse. It recognizes the shared economic partnership of a marriage and protects surviving spouses from being left in financial distress due to disinheritance or inadequate estate planning. Especially for long-term marriages, the elective share acknowledges the contributions made by spouses who may not have directly accumulated assets in their name.
Navigating the Process
Claiming an elective share can be a complex process, requiring a detailed understanding of Colorado’s probate laws and the specifics of the deceased spouse’s estate. Surviving spouses considering this option should consult with an experienced probate attorney who can provide guidance tailored to their situation, help navigate the legal process, and ensure that their rights are fully protected.
Conclusion
The elective share is a crucial aspect of Colorado’s probate laws, offering protection and financial security to surviving spouses. Understanding the basics of how the elective share works, its importance, and the deadlines for making a claim can help ensure that surviving spouses receive the support they are entitled to under the law. If you’re navigating the challenges of probate and estate planning, consider reaching out to a skilled attorney who can help you understand your rights and options under Colorado law.
If you have questions regarding estate planning, probate, or civil litigation contact Chapman Law, PLLC to discuss your situation.
This blog is intended to provide general information and, therefore, should not be treated as legal advice. You should contact a qualified attorney for questions about legal issues.
